HomeMy WebLinkAboutThe Goderich Signal-Star, 1982-06-16, Page 26PAGE 12A-GUDERICHSIG'NAL-STAR, WEDNESDAY, JUNE 16, pg
I
1981 AUD1TOR'SRE..PORT
To the Members of Council,
Inhabitants and Ratepayers of
the Corporation of the
Tann of Goderich:
We have examined the consolidated•• balance sheet of the Corporation
• of the. Town of Goderich as at December 31, 1981 and the consolidated
statementsof revenue and expenditure, capital operation, continuity of
trust funds, and reserve and reserve funds continuity and analysis of year
end position for the year then ended. Our examination was made in accordance
with generally accepted auditing standards, end accordingly included such
tests and other procedures as we considered necessary in the circumstances.
In our opinion, these consolidated financial statements present
fairly the €inancial position of the Corporation of the Town of Goderich as
at December 31, 1981 and the results of its operations for the year thee
ended in accordance with generally accepted accounting principles for 0 -..tarso
municipalities applied on a basis consistent with that of the•,,precedins year.
Goderich, Ontario
February 5, 1982
License Number 421
c /As
�ps.
CHARTERED ACCOUNTANTS
STATEMENT OF CAPITAL
OPERATIONS
for the year ended December 31, 1981
Unfnanced capital' outlay (Unexpended capital
fina-ncing) at the beginning of the year
Capital expenditure
General government
Protection to persons and property
Transportation 'services
Environmental services.
Health services
Social and family services
Recreation'and cultural services
-Planning and -development
Other.
Total expenditure
Capital financing..
Contributions from the revenue fund
Contributions from reserves..:
and reserve funds
Long term liabilities incurred
Ontario grants
Other
Total capital financing
Unfinanced capital outlay (Unexpended
capital financing) at the end of the year
BALANCE SHEET
os at December 31, 1981
ASSETS
'1981
Actual
• 37,457 '
207,322
16.161
759,841
137 ,285
2,263
341,576
7,500
1,471,948
516,259
169,566
100,000
370,844
431 QR9
1.587.758
(78,353)
'1980
Actual
S
(10,070)
26,444
86.043
774,026
147.051
930
34,727
1.069,121
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended December 31, 1981
1. ACCOUNTING POLICIES
e) Statement of Revenue and Expenditure
This statement reflects the revenues and expenditures of therevenue
fund sand the following local boards and municipal enterpriaea:'
a) Public Utilities Comities ion - Waterworks
b) Maitland Cemetery Board
c) Goderich Recreation and Community) Centre Board
d) Goderich Economic Development Comoeittee
e) Goderich Tourist Promotion Committee
f) Goderich Area Planning Board
g) Goderich Architectural Conservation Advisory Committee
h) Coderich Housing Action Committee
i) Goderich Parke Advisory Committee
j) Goderich Land -fill Site Committee
k) Goderich Airport Coamittee
1)• Goderich Municipal Day Nursery Committee
b) Statement of Capital Operations
Thia statement reflects the capital expenditures of the municipality
to be recovered from the general municipal revenue of the municipality
and .its local boards and municipal enterprises as described in note
1(a).
c) Balance Sheet
This statement reflects the assets and liabilities of the revenue
fund, the capital fund, reserve funds and local boards and municipal
enterprises as described in note 1(a).
Fixed Aspeta
The historical cost and !Ablated .depreciation of fixedassets is •
not reported -for -muni: )sea. Instead, the "Capital outlay to
be recovered in future. !ear whach is the aggregate of the principd1
portion of unmatured long. teen' liabilities,- capital funds transferred
to other organizations, and the cost of capital projects not yet
permanently financed ie reported on the Balance Sheet.
e) Municipal Enterprises
Municipal enterprises are those activities whose costs are substantially'
recovered from service charges on the users. The enterprises of this
municipality whose revenues and expenditures have not been consolidated
in these financial statements are:
Public Utilities. Commission - Hydro
f) Charges for Net Lone Term Liabilities
Debt retirement costs .including principal and interest are charged
against current. revenues in the periods in which they are paid.
Interest .charges are not accrued for the periods from the dates of
the latest interest payments to the•end of the financial year.
g) Trust Funds
Trust funds administered by the municipality amounting to $144,995
are only reflected in the Trust Funds, Statement of Continuity and
Balance Sheet.
d)
325,021 2. CAPITAL OUTLAY TO BE RECOVERED IN FUTURE YEARS
282,508
408,136
x,o2(1
1.021.594
37,457
Current assets
Cash
Taxes receivable
Accounts receivable
Other current assets
Capital outlay to be recovered in
future years
Other long term assets
1981
Actual
S
711,490
378,259
540,518
476,698
• 2,106,965
740,745
144,181
2,991,897
1980
Actual
S
272,472
291,499
336,081
769,928
1,669,980
896,504
149,313
2,715,797
LIABILITIES
Current liabilities
Temporary loans
Accounts payable and accrued liabilities
Other current liabilities
Net long term liabilities
Reserves and reserve funas
Accumulated net revenue (deficit) and
unapplied capital receipts
1981 •
Actual
S _
256,346
52,505
308,851
740,745
1,636,939
305,362
2,991,897
1980
Actual
S
232,421
20,000
252,421
B59,0-47
347,045
257,284
2,71.5,797
a)
Some capital outlay to be recovered in future years does not represent
a burden on general 'municipal revenues, as it isto be recovered in
future years from other sources:
1981 1980
Municipal Enterprises
$245,187 $288,850
2. b) Capital, outlays, including f ixed assets and
funds in the amount of S516,259, which have
municipal revenues of the current year, are
of Revenue and Expenditure..
3. RESERVE FUNDS '4
the transfers of capital
been financed from general
reported on th,,,...S4,1rent
During the year, $264,511 were credited directly to the reserve funds
without being recorded as revenues and expenditures fo the Revenue or
Capital fund. Major sources •were :
0.H.R.P. grants
Contributions from subdividers
Contributions from consumers
Interest earned
Ontario grant receivable re sewers
Sale of land
Sale of equipment
4. NET LONG TERM LIABILITIES
1981
$ 80,000
750
700
110,018
59,493
13,550
$264,511
1980
$ 38,400
5,000
4,200
90,815
168
$138,583
The balance for net long term liabilities reported on the Balance Sheet
is made up of the following:
Total long termliabilities incurred -by the municipality
including those incurred on behalf of former school
boards, other, municipalities and municipal enterprises
and outstanding at the end of the year amount to
. Of the long term liabilities shown above, the
responsibility for payment of principal and interest
charges has been assumed by others for a principal of
The total value of oinking funds and the balance in
the Ministry of the Environment Debt Retirement Fund
which have been accumulated to the end„of the year to
retire the outstanding long term liabilities
included above, amount to
$1,472,754
284,000
448,009
732,009
Net Long Term Liabilities At The End Of The Year $ 740,745
5. ACCUMULATED NET REVENUE AT THE END OF TIE YEAR
The balances in the revenue fund at the year end ere available to reduce
(increase) the levies of the following classes of ratepayers:
rls
B.I.A. ratepayers
General ratepayers
School board ratepayers
County ratepayers
1981
$ 27,709
190,982
6,346
1,972
$ 227 ,009
1980
$ 10,727
246 ,946
(43)
(346)
$ 257,284
6.
CHARGES FOR NET LONG TERM LIAB.,ILITIES
Total charges for the year ffor long term liabilities were as follows:
1981 1980
Principal payment including contributions
to sinking funds and to the Ministry of
Environment
Interest
$ 81,828
78,679
$ 101,008
85,841
$ 160,507 $ 186,849
The total charges shown above were paid from general municipal revenues
of the municipality and are included in expenditure en the Statement of
Revenue and Expenditure classified under the appropriate functional
headings .
7. LIABILITY FOR VESTED SICK LEAVE BENEFITS
Under the sick leave benefit plan, unused wick leave can accumulate and
employees may become entitled to a, cash payment when • they leave the•
municipality' a employment.
The liability for these accumulated days, to the extent that' they have
vested and could be taken in cash by an employee on terminating, amounts
to $91,376 at the end of the year. An amount of $25,624 has been provided
for this past service liability and is reported on ,the Balance Sheet.
8. INVESTMENTS
The investments included in current assets of $456,250 are recorded at
cost and have a market, value of $456,250 as at the end of the year.
COMMITMENT
Subsequent to December 31, 1981, the town tendered its pollution control
plant expansion project for $1,600,000. This is to be funded _completely.
bythe poll -cat -ion cont;o1 reserve fund and a grant from the provincial
government'.
STATEMENT OF REVENUE
AND EXPENDITURE
for the year ended December 31, 1981
'
1980
Actual
S
'1981
Budget
S
•
1981 •'
Actual
5
Accumulated net revenue (deficit) at
the beginning of the year '
173,999
257,284
.
329,578
Expenditures and transfers
Municipal expenditures
General government < •
518,572
-
457,640
387,592
Protection to persons and property •.
693,253
•
701,171
•
663,413
Transportation services
808,664
•
1,093,837
•
1,050,980
Environmental services
971,185
•
1,015,647
.
1,035,266
Health services •69,835
-
63,150
- '
60,598
Social and family services,
28,489
•
35,009
29,393
' Recreation and cultural services
669,091
667,920
603,959 '
Planning and development '
47,295
58,771
23,889
Other .
Total expenditure
3,806,384
4,093,145
3,855,090
Transfers
Transfers to region or county .
340,959
.
343,853'
331,896
Transfers to school boards .
1.511.516
.
1.525.248
.
1.326.127
1,852,475
1,869,101
•
1,658,023
Total' transfers
Total expenditures and transfers
5,658,859
5,962,246
5,513,113
Revenue by purpose
Municipal purposes
Taxation •
2,042,948
2;151,847 •
2,044,960
Payments in lieu of taxes )
47,303
•
53,527
46,595
Ontario grants •
659 ,815
•
715,084
718,969
Other grants •
276,766
•
278.463
•
254,938.
Fees and service charges •
437,549
591,847
527,260
Other
1'RR,447
•
263,195
195,738
Revenue to pay for municipal purposes
3,652,828
4,054,163
3,788,460
Region or county requisition
Taxation
337,386
340,280
323,009
Payments in lieu of taxes
• 4,498
5,891
4,498
Ontario grants .
Other
341,884
346,171
327,507
Revenue to the region or county requisition
pay
School board requisition
Taxation
1•,495,953
.
1,508.810
1,308,453
Payments in lieu of taxes16,399
. 22,827
16,399
Other
•
Revenue to pay the school board requisition
1,512,352
1,531,637
1,324,852
5.507,064
5,931,971
.
5,440,819
Total revenue
Accumulated net revenue (deficit) at
the end of the year
22,204
,
227,009
257,284
Analysed as follows.,
General revenue
,�.--.......-.
97,160
174,209
Region or county1,972
(346)
Schoolboatds6,346
(43)
Special charges •
Special areas - Business Improvement Area
27,709
10,727
Local boards
(25)
1,297
Municipal enterprises
22e204
93,847
71,440
22,2b4
227,009
1257,284